China's trade surplus with USA grows in May

For goods alone, the United States trade deficit with China hit a record $375 billion previous year, and the White House has demanded Beijing cut the imbalance by $200 billion.

As a result, China posted a bilateral trade surplus of about 24.5 billion dollars.

"With global growth now past its peak, Chinese export growth is trending down", said Julian Evans-Pritchard of Capital Economics in a report. It hopes the United States will make joint efforts with China to maintain the stable and healthy development of economic and trade ties between both countries, said Gao.

Helping to explain the decline in the headline surplus, China's NBS said the value of imports grew substantially faster than exports over the year.

Shortly after the end of the exemption, the European Union initiated a dispute with the United States at the WTO, and announced Wednesday the start of applying rebalancing duties on US products in July, as part of the "three-pronged response".

Import growth had been expected to slow to 18.7 percent in May, compared with 21.5 percent one month earlier.

Top Chinese economic advisor Liu He made the offer during weekend trade talks in Beijing with a United States delegation led by Commerce Secretary Wilbur Ross, The Wall Street Journal reported Tuesday.

USA goods exports to China previous year were at US$130.4 billion, according to the department.

The move to finalise the March plan comes just 10 days after US Treasury Secretary Steven Mnuchin declared the looming trade war with China had been put on hold, and ahead of the arrival of US Commerce Secretary Wilbur Ross in Beijing [on 2 June] for further talks on trade.

China' trade surplus narrowed to $24.92 billion in May from $28.38 billion in April, and came in well below analysts forecasts for a $31.9 billion surplus. While it has imposed tariffs on steel and aluminum imports from across the world, riling up allies in Europe, Asia and Canada, it has yet to enact any of the China-specific levies it has threatened.

China's trade surplus with the United States jumped in May, official data showed yesterday, worsening the imbalance at the centre of tensions between the economic titans while Beijing's advantage with the rest of the world shrank, reports AFP from Beijing.

Beijing has cut import duties on automobiles and some consumer goods and to ease curbs on foreign ownership in its auto industry.

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Mr Trump left the summit early for Singapore, where he will meet North Korean leader Kim Jong Un next week. President Trump departed the summit early, skipping out on a meeting to discuss climate change.

Canadian Prime Minister Justin Trudeau announced he told President Trump he will go through retaliatory tariffs after Mr. Vice President Mike Pence told Trudeau he would have to agree to that before Trump would agree to meet him.

Putin is in Beijing for a state visit, during which he will attend a meeting of the Shanghai Cooperation Organization. They include China, Russia along with four ex-Soviet Central Asian nations, as well as India and Pakistan.

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